Congressional gridlock delays Clarity Act despite bipartisan rhetoric
Senate Majority Leader Thune signaled that the Clarity Act is expected to miss its legislative window before Congress' summer break, though preliminary work may proceed beforehand. The crypto market structure bill, which aims to clarify regulatory jurisdiction between the SEC and CFTC, has stalled over ethics enforcement provisions rather than substantive disagreements on crypto policy itself.
Goldman Sachs CEO David Solomon broke from major banking peers to publicly support the Clarity Act despite calling it "not perfect," creating a notable split within Wall Street. JPMorgan CEO Jamie Dimon and banking trade groups have warned that stablecoin-yield provisions in the bill could divert deposits away from traditional lending institutions. Senator Elizabeth Warren criticized the bill, claiming it would benefit Trump while potentially aiding "criminals and cartels."